Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Denise Evans

Denise Evans has started 56 posts and replied 1453 times.

Post: New member from Alabama

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,578
  • Votes 1,497

Commercial real estate investing is largely a matter of analysis regarding financial data, conservative projections based on that data, and market/feasibility.  This should be very easy for you with your engineering training. I recommend you start by taking the CCIM introductory course, and then complete the series of CCIM classes.  Also, to "toot my own horn," please read my BP blog article about Valuation of Rental Properties, at https://www.biggerpockets.com/blogs/6547/51598-val...

At the same time, develop relationships on BP for people who can send you leads, submit properties for your consideration, or partner with you on deals.

Denise

Post: Alabama -- RMLO

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,578
  • Votes 1,497

Dr. Aytch in Huntsville is the only independent RMLO I know. If you need his contact info, please send me a pm. Sorry for the late reply--I just found your question. It should have shown up in my alerts.  Denise

Post: forclosures

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,578
  • Votes 1,497

I'm an Alabama foreclosure expert.  I'm not licensed to practice law in Oregon, but I researched this for you and THINK Oregon law requires a notice of default be filed in the county clerk's office before a lender can foreclose. After that, but at least 120 days before the sale date, certain notices must go out. The two statues are reprinted below. It seems to me that the earliest warning of future foreclosures is by checking the notices in the county clerk's office.  You should call them and see if you can search their records online.  I hope this helps.

86.752 Foreclosure by advertisement and sale.

A trustee may not foreclose a trust deed by advertisement and sale in the manner provided in ORS 86.740 to 86.755 unless:

(1) The trust deed, any assignments of the trust deed by the trustee or the beneficiary and any appointment of a successor trustee are recorded in the mortgage records in the counties in which the property described in the deed is situated;

(2) There is a default by the grantor or other person that owes an obligation, the performance of which is secured by the trust deed, or by the grantor's or other person's successors in interest with respect to a provision in the deed that authorizes sale in the event of default of the provision;

(3) The trustee or beneficiary has filed for record in the county clerk's office in each county where the trust property, or some part of the trust property, is situated, a notice of default containing the information required by ORS 86.745 and containing the trustee's or beneficiary's election to sell the property to satisfy the obligation;

(4) The beneficiary has filed for recording in the official records of the county or counties in which the property that is subject to the residential trust deed is located:

(a) A certificate of compliance that a service provider issued to the beneficiary under section 5, chapter 304, Oregon Laws 2013 (Enrolled Senate Bill 558), that is valid and unexpired at the time the notice of default is recorded; or

(b) A copy of the affidavit with which the beneficiary claimed, under section 2 (1)(b), chapter 304, Oregon Laws 2013 (Enrolled Senate Bill 558), an exemption that has not expired;

(5) The beneficiary has complied with the provisions of ORS 86.748;

(6) The grantor has not complied with the terms of any foreclosure avoidance measure upon which the beneficiary and the grantor have agreed; and

(7) An action has not been commenced to recover the debt or any part of the debt then remaining secured by the trust deed, or, if an action has been commenced, the action has been dismissed, except that:

(a) Subject to ORS 86.010 and the procedural requirements of ORCP 79 and 80, an action may be commenced to appoint a receiver or to obtain a temporary restraining order during foreclosure of a trust deed by advertisement and sale, except that a receiver may not be appointed with respect to a single-family residence that the grantor, the grantor's spouse or the grantor's minor or dependent child occupies as a principal residence.

(b) An action may be commenced to foreclose, judicially or nonjudicially, the same trust deed as to any other property covered by the trust deed, or any other trust deeds, mortgages, security agreements or other consensual or nonconsensual security interests or liens that secure repayment of the debt.

86.764 Notice of sale to be given to certain persons.

(1) After recording a notice of default as provided in ORS 86.735 and at least 120 days before the day the trustee conducts the sale, notice of the sale with the contents described in ORS 86.745 must be served pursuant to ORCP 7 D(2) and 7 D(3) or mailed by both first class and certified mail with return receipt requested.

(2) The notice described in subsection (1) of this section must be served or mailed to the last-known address of the following persons or the legal representatives of the persons, if any:

(a) The grantor in the trust deed.

(b) Any successor in interest to the grantor whose interest appears of record, or of whose interest the trustee or the beneficiary has actual notice.

(c) Any person, including the Department of Revenue or another state agency, that has a lien or interest subsequent to the trust deed if the lien or interest appears of record or the beneficiary has actual notice of the lien or interest.

(d) A person that requests notice as provided in ORS 86.785.

(3) A notice served by mail under subsection (1) of this section is effective when the notice is mailed.

(4) (a) The disability, insanity or death of a person to whom the notice required under this section must be given does not delay or impair in any way the trustee's right under a trust deed to foreclose under the deed. If the disability, insanity or death occurs before the notice of default is recorded, the notice required under this section must be given instead to the guardian, the conservator of the estate of the person or the administrator or personal representative of the person in the manner and by the time set forth in this section.

(b) If the disability, insanity or death of a person to whom the notice required under this section must be given occurs on or after the notice of default is recorded, the trustee shall, if and when the trustee has knowledge of the disability, insanity or death, promptly give the guardian, the conservator of the estate or the administrator or personal representative the required notice by sending the notice by first class and certified mail with return receipt requested to the last-known address of the guardian, conservator or administrator or personal representative.

(c) If there is no administrator or personal representative of the estate of the person to whom the notice required under this section must be given, the notice may be given instead to the heirs at law or devisees of the deceased person in the manner and by the time set forth in this section.

(5) If the owner of real property subject to foreclosure dies and the real property is also subject to a transfer on death deed, as provided by ORS 93.948 to 93.979, the notice required under this section must be given to the beneficiary designated under the transfer on death deed.

Post: My Name is Roshell I am from Birmingham Alabama

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,578
  • Votes 1,497

@Marquell Jones, Alabama has several redemption periods after a tax sale. Please read my blog article about this, at https://www.biggerpockets.com/blogs/6547/51615-ala...

Post: My Name is Roshell I am from Birmingham Alabama

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,578
  • Votes 1,497

If the property is in Jefferson County, it might take as long as 3 or 4 months.  ADOR (Alabama Department of Revenue) must wait for Jefferson County to calculate the total of all taxes due over the years, plus interest. It might also have to wait while notice goes out to the former owner to give him/her a certain number of days to redeem the property before it is sold.

Other counties are much faster than Jefferson County.

Have you read my blog and forum posts about something called "judicial redemption?"  Even after you have a tax deed, the owner usually still has redemption rights. Please read up on this topic, and about the ability to collect the value of repairs on a residential property if the owner redeems.

Post: Pest control....do you do it or do your tenants?

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,578
  • Votes 1,497

@Christine Mwai, you should handle pest control yourself but have a clause in your lease that says for roaches and ants, you treat only once a month. If there is a problem between treatments, it is usually tenant caused because of housekeeping. Handling pest control yourself ensures that it actually gets done, plus it gives you a reason to be inside the property once a month. You must have a regular schedule for treatments, such as "between the hours of 10am and 4pm on the second Tuesday of each month."  You MUST also have a separate agreement with the tenant allowing entry according to that schedule. It cannot be part of your regular lease agreement, or it will be unenforceable.  If it is unenforceable, then you will need to give the tenant at least two days notice before every entry, and try to get their consent, which the tenant is not allowed to "unreasonably" withhold. But, if they don't answer your emails or vmails or text messages, then it's a sticky problem about whether you can enter or not. The separate agreement, and the schedule, avoids all of that mess.

Post: New member in Alabama

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,578
  • Votes 1,497

Sorry, you might not have been  monitoring this, @Danny Patterson. See my reply, above.

Post: New member in Alabama

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,578
  • Votes 1,497

Danny, what do you mean "shopping for my buyer?"  If you have someone who wishes to buy properties, are you are scouting opportunities for them, you are practicing real estate brokerage without a license. It is a more of a gray area if you are finding opportunities to flip to purchasers with known criteria, especially if your flip is the kind where you assign your contract and never go through with closing. Bear in mind, however, that these laws are designed to stop the person who wants to truly engage in real estate brokerage but without getting a real estate license. If your strategy is a true flip strategy, I would not worry about the real estate license thing.

Make sure you have a written business plan that says your goal is to flip enough properties to build up capital to use for long term investments Attach some numbers and some deadlines to these goals.  You can change your business plan as you gain more experience. In fact, a business plan should be a living document that changes at least annually in some particulars.

It is okay to pay yourself a salary, but you cannot suck out most of the flipping profits to help meet living expenses.  If you do that, the IRS will classify you as a "dealer."  Dealers are not investors. Dealers are like WalMart. They buy and sell inventory.  Investors buy real estate to hold.  The dealers do not get most of the tax benefits given to investors--no depreciation deductions, no 1031 exchanges, no installment sales treatment.  Also, dealers must pay self-employment income taxes on their profits.  On the other hand, dealers can deduct many expenses that investors must capitalize and then amortize over many years.  You can be both, on a property by property basis, but you have to pick in advance before you get audited and the IRS makes the decision.

Post: Tax property for sale

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,578
  • Votes 1,497

@Marquell Jones Do not even THINK about attending some nationally sponsored program about tax sales. Alabama is completely different.  Please do a search on BP for my blogs and forum posts on this topic for a general education, and then message me with a specifc question. To clear up a few misperceptions in this thread:

  • You can take possession as soon as you have your certificate
  • Many tenants will sign a lease with a 30-day cancellation clause in exchange for below market rents or security deposit concessions
  • If the property contains a residential structure, a redeeming party must pay you for the VALUE (not the cost, which is usually much less than value) of the repairs
  • Almost all lienholders must redeem before exercising their own rights to take the property such as foreclosure
  • Local government liens (weed abatement, demolition, sewer, etc.) do not have to redeem before foreclosing but they must reimburse you for taxes. They do not have to pay for repairs.

Post: Court house auctions

Denise EvansPosted
  • JD, CCIM , Real Estate Broker
  • Tuscaloosa, AL
  • Posts 1,578
  • Votes 1,497

Don't look at website for local newspaper. Go to www.alabamalegals.com  They have all of the legal notices (foreclosures, probate, local government bid requests, etc.) for every county in the state.  You can search back 90 days. It is free.